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Bizkaia Energia Refinancing

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	Situational Analysis One of only two independent CCGT power stations in Spain, Amorebieta is a highly efficient plant, commencing operations in August 2005 and operating under a long-term tolling agreement with Shell Spain. Originally financed in 2002, the project sponsors were looking to refinance long term lending facilities totalling over €500 million. Fieldstone Role Fieldstone acted as the exclusive financial adviser to Biskaia Energia during the refinancing process, working with the company and with both shareholders (ESB International and Osaka Gas) on achieving the optimal refinancing conditions fitting the aims of both shareholders.

Situational Analysis

One of only two independent CCGT power stations in Spain, Amorebieta is a highly efficient plant, commencing operations in August 2005 and operating under a long-term tolling agreement with Shell Spain.

Originally financed in 2002, the project sponsors were looking to refinance long term lending facilities totalling over €500 million.

Fieldstone Role

Fieldstone acted as the exclusive financial adviser to Biskaia Energia during the refinancing process, working with the company and with both shareholders (ESB International and Osaka Gas) on achieving the optimal refinancing conditions fitting the aims of both shareholders.